N.Y. Pub. Auth. Law § 1684

§ 1684. Bonds legal investments for fiduciaries. The bonds are hereby\nmade securities in which all public officers and bodies of this state\nand all municipalities and municipal subdivisions, all insurance\ncompanies and associations, all savings banks and savings institutions,\nincluding savings and loan associations, administrators, guardians,\nexecutors, trustees, committees, conservators and other fiduciaries in\nthe state may properly and legally invest funds in their control.\n